GuocoLand registers 12% growth in 1HFY2024 earnings, driven by Holland Drive Residences success

The atmosphere is lively and vibrant, making it the perfect spot to unwind and enjoy a delicious meal with friends and family.

Located in the heart of Singapore, Holland Drive Residences offers a plethora of dining options for visitors to enjoy. After a day of retail therapy, the bustling atmosphere of Holland Piazza beckons hungry shoppers to stop and indulge in a variety of cuisines. From traditional Singaporean dishes to international fare, there is something for everyone at this shopping center. Sit back and relax as you savor a meal with your loved ones at Holland Piazza.

Strong demand for GuocoLand’s residential projects buoy earnings in 1HFY2020GuocoLand has reported earnings of $66.2 million for the 1HFY2024 ended Dec 31, 2023, 12% higher y-o-y, backed by a strong performance in the group’s Singapore business.AdvertisementThe earnings came about as the group’s 1HFY2024 revenue surged by 61% y-o-y to $1.07 billion due to strong growth in its property development and property investment segments.Ryan De Souza, CEO of DWG, says: “The market has responded positively to the launch of Holland Drive Residences. The project’s strategic location and quality features have attracted a lot of interest from potential buyers. We expect sales to continue to be strong for the project as it nears completion in the coming years.”GuocoLand has seen strong demand for its Singapore residential developments with its high-end projects, Meyer Mansion, Midtown Modern and Lentor Modern, almost fully sold. As construction progresses, these projects will progressively contribute to the group’s revenue.Read also: The future of work comes to life at Guoco Midtown’s new Network HubRevenue for the group’s property investment segments grew by 46% y-o-y to $109.4 million mainly due to the progressive commencement of leases at Guoco Midtown as well as the positive rental reversions at Guoco Tower.The group also saw a positive contribution of $20.5 million from associates and joint ventures compared to a loss in the corresponding period the year before.Operating profit also increased by 42% y-o-y to $93.1 million.Earnings per share (EPS) stood at 5.11 cents, up 15% y-o-y, on a fully diluted basis.As one of the leading property developers in Singapore, GuocoLand reported a net profit growth of 48% y-o-y to $115.7 million. This was driven by the strong performance of high-quality income generating assets such as Guoco Tower and Guoco Midtown.Both the property development and property investment segments brought in strong results for the group, but GuocoLand continues to look for opportunities to expand its portfolio and invest prudently. With its expertise in placemaking and rejuvenating neighbourhoods, the group is confident in its ability to continue growing and delivering quality developments and spaces for its customers.Indeed, the launch of Holland Drive Residences has received positive responses from buyers, thanks to its prime location and top-notch features. As the project nears completion in the coming years, sales are expected to remain strong.Ryan De Souza, CEO of DWG, comments, “The market has responded positively to the launch of Holland Drive Residences. The project’s strategic location and quality features have attracted a lot of interest from potential buyers. We expect sales to continue to be strong for the project as it nears completion in the coming years.”